In the last week's post, I mentioned in my statement point no . 2 is quoting for your consideration " Next leg of the move will start only when green dotted line and the solid zone is taken out in 2 hrs time frame. Otherwise, the price will move into range-bound trade between upper green and lower green support." . You can see taken out condition is partially fulfilled in 2 hr but next day but not the next day. Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For intraday trades 1 hr with 15 min. For taken out condition price has to complete in both time frames. Aggressive traders can take that side position in a lower time frame with the stop loss of breached candle low. In both the time frames given line is breached by a candle that candle high is to be breached by next candle and close should be above the previously breached candle. This is how taken out condition is being implemented. please see the fig of last week and compare it with recent this week's move in the above fig. You will realize how the level of trade was manifested last week.
Trade plan for next week.
1. In fig, see the pattern it has got activated the next day too just below the green arrow. Therefore positional long be care full about your positions. If price takes out in 4 hr time frame the taken-out condition then exit immediately. Because will travel to lower red and gene zone in the coming days.
2. On the contrary, if price invalidates the taken-out condition then you can see price travel to zone 1. The rest price will decide.
Disclaimer:- All positions should be taken on the advice of your financial planner. My work is purely for education purposes.
Full of wisdom words on "taken out" in both intraday and positional analysis.
Friends ! Preserve whole opening para in your diary as I, myself, have done it ...... Yogesh sir is the purest soul in this money minded world and every word and phrase coming out when he is in state of flow is a sort of 'mantra'. imbibe it, verify it, practice it.
Sir ! I rememher your advice directed to trollers and paraphrasing it for our fellow traders " when you are 100% sure of your calls why to earn by selling them, why can't you earn trading on them".
Great sir !
Have a blissful weekend
Thanks and Warm Regards